"We are now in the middle of the transformation from the Symbian to the Windows Phone platform. It hurts and makes heavy demands on investor patience. However, we maintain our BUY recommendation for Nokia, as we expect the efforts to be fruitful" Jyske said.

In fact Jyske reports Lumia sales, the future of the company, actually beat their expectations in Q1 2012.

"The only bright spot in connection with the announcement was that Nokia in Q1 sold more than 2m Lumia-smartphones compared to our estimate at 1.8m. As already mentioned, we believe that Nokiaâ€™s problems are primarily related to Symbianâ€™s weakened competitiveness.â€

"Symbian is a thing of Nokiaâ€™s past. It would have been much worse to us if the sale of Lumia smartphones had lost momentum. Nokia announced that it will raise its investments in Lumia in order to develop more smartphones and launch them in several markets."

"â€¦, the smaller revenues from Symbian get, the lower the risk of further downside surprise. Moreover, anyone owning Nokia is probably doing so with a view to capitalising on the companyâ€™s Windows Phone turnaround. Faster-than-expected declines in Symbian may just bring forward the bad news and allow any potential Windows Phone-based recovery to have an undiluted impact on company earnings."